VANCOUVER, BRITISH COLUMBIA, Nov 10 (MARKET WIRE) --
TNR Gold Corp. ("TNR" or the "Company") (TSX VENTURE: TNR) and
wholly-owned International Lithium Corp. ("ILC") are pleased to announce
the signing of a letter agreement to acquire up to a 100% interest in the
1,076 hectare Sarcobatus Flats lithium brine property located 109 kms
south of Tonopah, Nye County, Nevada, from Tonogold Resources Inc. (PINK
OTC: TNGL) of La Jolla, California.
Key point summary:
- Acquires 1,076 hectare Sarcobatus Flats property;
- An under-explored analogue to the producing lithium brines at Clayton
Valley; and
- TNR will focus on advancing its highly prospective Nevada projects.
Gary Schellenberg, President of TNR Gold Corp., states, "Our objective is
to become one of the foremost companies in the Nevada lithium exploration
and development sector. The acquisition of the Sarcobatus Flats property
is a definitive step towards achieving our goal."
Sarcobatus Flats Acquisition
Sarcobatus Flats is a desert playa lake located in Nye County, western
Nevada along state route 95 approximately 109 kilometres south of Tonopah
and 72 kilometres southeast of Clayton Valley, the location of the
producing Silver Peak world-class lithium brine deposit. The Sarcobatus
Flats project consists of 105 placer claims totaling 1,076 hectares.
The acquisition of the new claims was prompted due to the highly
anomalous concentrations of lithium, ranging between 210 and 340ppm Li,
encountered from a preliminary surface sediment sampling program
conducted on the Sarcobatus Flats claim group. As additional
encouragement, there are several important similarities between the
settings of Sarcobatus Flats and a Clayton Valley type lithium brine
deposit. The property is located in a closed structural basin, contains
similar stratigraphy and occupies a lacustrine environment similar
regional hydrogeography and geochemistry to Clayton Valley. In essence,
Sarcobatus Flats represents an under-explored early stage analogue to
Clayton Valley.
To earn a 100% interest, TNR has agreed to make payments totaling
USD$130,000 and issue 675,000 common shares of TNR over a four-year
period. The vendor will retain a 2.5% royalty of which the Company has
the right to purchase up to 2% of the Royalty, by paying Tonogold USD$1
million per 1% purchased, for a total of USD$2 million, thereby reducing
Tonogold's NSR to 0.5%. The agreement is subject to regulatory approval.
Work Programs
The Company intends to explore its Nevada properties and determine if
lithium evaporates and brine deposits have formed similar to those found
at Clayton Valley. TNR is developing an integrated regional lithium
exploration approach using geochemical and basin modeling with gravity,
electromagnetic, hydrogeological, and geochemical fieldwork to identify
drill targets. The TNR exploration team has extensive geochemical, GIS
modeling and targeting experience across four continents with specific
expertise in lithium and other rare metals.
John Harrop, PGeo, is the Company's qualified person on the project as
required under NI 43-101 and has reviewed the technical information
contained in this press release.
About TNR Gold Corp. / International Lithium Corp.
TNR is a diversified metals exploration company focused on exploring
existing properties and identifying new prospective projects globally.
TNR has a total portfolio of 33 properties, of which 16 will be included
in the proposed spin-off of International Lithium Corp.
It is anticipated that TNR shareholders of record will receive up to one
share and one full tradable warrant of International Lithium Corp. for
every 4 shares of TNR held as of the yet determined record date. This
will result in TNR shareholders owning shares in both TNR and
International Lithium. For further details of the spin-off please refer
to TNR's April 27, 2009 news release or visit
http://www.internationallithium.com.
The recent acquisition of lithium, other rare metals and rare-earth
element projects in Argentina, Canada, USA and Ireland confirms the
company's commitment to generating projects, diversifying its markets,
and building shareholder value.
On behalf of the board,
Gary Schellenberg, President
Statements in this press release other than purely historical
information, historical estimates should not be relied upon, including
statements relating to the Company's future plans and objectives or
expected results, are forward-looking statements. News release contains
certain "Forward-Looking Statements" within the meaning of Section 21E of
the United States Securities Exchange Act of 1934, as amended.
Forward-looking statements are based on numerous assumptions and are
subject to all of the risks and uncertainties inherent in the Company's
business, including risks inherent in resource exploration and
development. As a result, actual results may vary materially from those
described in the forward-looking statements.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
The TSX Venture Exchange does not nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accept responsibility for the adequacy or accuracy of this news release.
Contacts:
TNR Gold Corp.
Gary Schellenberg
President
(604) 687-7551 or 1-800-667-4470
(604) 687-4670 (FAX)
info@tnrgoldcorp.com
www.tnrgoldcorp.com
Copyright 2009, Market Wire, All rights reserved.
-0-
